IDBI Capital: Manappuram Finance’s Robust Gold AUM Growth Continues In Q2; MFI Reported Loss
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IDBI Capital Report
Manappuram Finance Ltd. reported strong sequential growth of 11% in gold loan portfolio (73% of asset under management) due to increase in ticket size.
Within non-gold, Asirvad micro finance institution and vehicle finance segment reported decline of 1% and 16% QoQ respectively which resulted in lower AUM growth of 19% YoY versus 25.6% in Q1 FY21.
Net interest income grew by 17% YoY led by decline in net interest margins due to higher liquidity; pro-provision operating profit grew by 13% YoY led by decline in other income.
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